Wednesday, April 24, 2024

Higher prices ‘on horizon’

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Barbadians are likely to soon face increased prices despite Government’s effort to shield them from higher costs by capping taxation on petroleum products and shipped goods.

Economist Professor Winston Moore and some senior members of the business community gave this assessment yesterday in response to Prime Minister Mia Amor Mottley’s Budget proposals intended to give consumers a cost of living ease.

Moore, Professor of economics and deputy principal, University of the West Indies, Cave Hill Campus, told the Barbados Chamber of Commerce & Industry’s Post-Budget Breakfast Forum at the Lloyd Erskine Sandiford Centre that based on increased inflation in the United States, he expects higher prices to reach Barbados “over the next couple of months”.

“Our inflation rate last year was around three to four per cent. The statistics for the United States just came out and they are estimating that their rate of inflation for the last couple of months was around eight per cent,” he said. (SC)

 

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